截至3月31日，卓然股份股东户数6432.00，较上期增加3.78%；人均流通股22011股，较上期减少 3.64%。2025年1月-3月，卓然股份实现营业收入1.68亿元，同比增长227.91%；归母净利润-832.72万 元，同比增长79.29%。 分红方面，卓然股份A股上市后累计派现4965.33万元。 机构持仓方面，截止2025年3月31日，卓然股份十大流通股东中，国寿安保智慧生活股票A（001672） 位居第四大流通股东，持股249.56万股，相比上期增加46.00万股。 责任编辑：小浪快报 8月25日，卓然股份涨3.45%，成交额1.60亿元。两融数据显示，当日卓然股份获融资买入额1587.43万 元，融资偿还1496.69万元，融资净买入90.74万元。截至8月25日，卓然股份融资融券余额合计1.38亿 元。 融资方面，卓然股份当日融资买入1587.43万元。当前融资余额1.38亿元，占流通市值的4.35%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，卓然股份8月25日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量200.00股，融券余额3 ...

Core Viewpoint - Shanghai Zhuoran Engineering Technology Co., Ltd. has significantly increased its revenue from EPC (Engineering, Procurement, Construction) services, with a reported income of 1.027 billion yuan in 2024, representing a year-on-year growth of 700.95% and accounting for 37.02% of its main business revenue [1][2]. Group 1: EPC Service Business Model - The company has actively expanded its EPC service business to enhance revenue and strategically transform its operations, moving from being a core supplier of large refining equipment to a comprehensive solution provider [2][3]. - The EPC model involves comprehensive project management, including design, procurement, construction, and post-service, ensuring quality, safety, and timely completion [3][4]. - The company has established a full lifecycle service system, integrating consulting, design, intelligent manufacturing, engineering implementation, and smart operation [2][3]. Group 2: Revenue Recognition and Accounting Standards - The company adopts the gross method for revenue recognition in EPC projects, as it acts as the primary responsible party in transactions with clients [6][8]. - Revenue is recognized based on the progress of completion, calculated as the ratio of costs incurred to the estimated total costs [10][11]. - The company has confirmed revenue from various projects, including a 55,000-ton carbon four deep processing and hydrogen comprehensive utilization project, with total contract amounts and timelines detailed [14][15]. Group 3: Project Execution and Risks - The company has successfully executed the Guangxi Hongkun project, which involves the production of 600,000 tons of bio-jet fuel, with significant strategic value and sustainable development potential [20][21]. - The project has received government approval and is aligned with national green development strategies, indicating strong policy support [21][22]. - The company has implemented a comprehensive risk management system to ensure project progress and financial security, including dynamic matching of funding plans with engineering progress [22].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 168 million yuan in Q1 2025, representing a year-on-year increase of 227.91% but a quarter-on-quarter decrease of 81.52%. The net profit attributable to the parent company was -8 million yuan, indicating a reduction in losses [5][11] - The company has a total of 5.868 billion yuan in orders on hand, with significant contributions expected from engineering general contracting services in 2025-2026 [11] - The company is focusing on high-end, green, and intelligent development in response to national policies aimed at promoting the chemical industry [11] - The petrochemical equipment market is expected to grow at a compound annual growth rate of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [11] - The projected net profits for the company from 2025 to 2027 are 130 million yuan, 150 million yuan, and 200 million yuan, respectively, with corresponding price-to-earnings ratios of 19.3X, 16.9X, and 12.3X [11] Summary by Sections Financial Performance - In Q1 2025, the company's revenue was 168 million yuan, a year-on-year increase of 227.91% and a quarter-on-quarter decrease of 81.52%. The net profit attributable to the parent company was -8 million yuan, showing a reduction in losses [5][11] Order Book and Revenue Recognition - The company has 5.868 billion yuan in orders on hand, with engineering general contracting services expected to contribute significantly to revenue recognition in 2025-2026 [11] Industry Outlook - The petrochemical equipment market is projected to grow at a compound annual growth rate of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [11] Strategic Focus - The company is actively pursuing high-end, green, and intelligent development in alignment with national policies aimed at enhancing the chemical industry [11] Profit Forecast - Projected net profits for the company from 2025 to 2027 are 130 million yuan, 150 million yuan, and 200 million yuan, with corresponding price-to-earnings ratios of 19.3X, 16.9X, and 12.3X [11]

Group 1 - The core viewpoint of the articles highlights the significant revenue growth and improving financial performance of Zhuoran Engineering Technology Co., Ltd. in Q1 2025, driven by the global energy equipment renewal cycle and increased project deliveries [1][2] - Zhuoran's Q1 revenue reached 168 million yuan, marking a year-on-year increase of 227.91%, the highest quarterly growth rate in three years, while the net profit loss narrowed to 8.3272 million yuan, indicating continuous improvement in operational quality [1] - The company is a leading player in the modular manufacturing of petrochemical equipment in China, with revenue recognition based on project completion, leading to periodic income recognition [1] Group 2 - The petrochemical industry is currently facing challenges such as oversupply of traditional bulk petrochemical products and weak market demand, while high-end chemical products still require significant imports [2] - Zhuoran emphasizes research and innovation, digital upgrades, and sustainable development to navigate the energy transition, aiming to leverage innovation to initiate a new era in the energy sector [2] - As of December 31, 2024, Zhuoran had accumulated 290 intellectual property rights, including 52 invention patents and 202 utility model patents, showcasing its commitment to technological advancement [2] Group 3 - The company plans to focus on the research and development of hydrogen metallurgy technology and new materials such as high-end polyolefins and high-elastic polymers, aiming to explore low-carbon development pathways and open new growth opportunities [3] - Zhuoran is actively integrating green concepts into its development strategy, focusing on clean energy and building an industrial ecosystem to support the transition of the energy structure [2][3]